TAGM & CO.

CHARTERED ACCOUNTANTS
An Exclusive Correspondent Firm of PKF International

Tax Rates for Salaried Class

& AOPs
Income Group
Rate

Tax rate for Individuals

Tax Rate

Income Group

Tax

Upto
Rs. 400,000
NIL

NIL

400,001 < Income< 750,000

Exceeding

5% of the amount exceeding 0.4 M

Income<Rs. 400,000

400,000 < Income < 750,000

10% of

750,001 <Income<1,400,000
Rs. 17500 +10% of > Rs.0.750 M
Rs.35000+15% of >750,000

750,000<Income<1,500,000

Rs. 1,400,001 to Rs. 1,500,000

Rs. 82,500 +12.5% of > Rs.1.4 M
Rs.147, 500+20% of >1,500,000

1,500,000<Income<2,500,000

Rs. 1,500,001 to Rs. 1,800,000

Rs. 95,000 +15% of > Rs.1.5 M
Rs.347, 500+25% of >2,500,000

2,500,000<Income<4,000,000

Rs. 1,800,001 to Rs. 2,500,000

500+30% of >4,000,000

Rs. 140,000 +17.5% of > Rs.1.8 M

4,000,000<Income<6,000,000

Rs.722,

Rs. 2,500,001 to Rs. 3,000,000

Rs. 262,500 +20% of > Rs.2.5 M
Rs.1, 322,500+35% of>6,000,000

Income>6,000,000

Rs. 3,000,001 to Rs. 3,500,000

has been withdrawn.

*Marginal Relief on salaried Ind.

Rs. 3,500,001 to Rs. 4,000,000

Operator

Rs. 362,500 +22.5% of > Rs.3 M

Rate of Tax on Cable Television

Rs. 475,000 +25% of > Rs.3.5 M

License Category

Rs. 4,000,001 to Rs. 7,000,000

Rs. 600,000 +27.5% of > Rs.4 M
License Fee
Tax on Renewal
Rs. 7,000,001 to above

Rs. 1,425,000 +30% of > Rs.7 M

Tax Rate for Ind. & AOP Rental Income

Upto Rs.150,000

NIL

7,500

10,000

H-1

10,000

15,000

H-II

150,001<1,000,000
30,000

10% of >Rs.0.15M

Income>1,000,001

Rs.85000+15% of >1 M

For Companies:

Tax on

25,000

30,000

5,000

B
B-1

5,000
30,000

40,000
50,000

Tax shall be deducted at the rate of 15% of the Gross Rent.

B-2

40,000

60,000

Rate of Tax on Purchase of Motor Cars & Jeeps

B-3

50,000

75,000

Engine Capacity
100,000

Tax (Rs.)

B-4

75,000

Upto 850 cc

10,000

B-5

87,500

150,000

851 cc to 1000 cc

20,000

B-6

175,000

200,000

1001 cc to 1300 cc

30,000

B-7

262,500

300,000

1301 cc to 1600 cc

50,000

B-8

437,500

500,000

1601 cc to 1800 cc

75,000

B-9

700,000

800,000

1801 cc to 2000 cc
Above 2000 cc
Renewal fee.

100,000
150,000

B-10

875,500

900,000

* Advance tax shall be 20% of the permission fee or

TAGM
CHARTERED
ACCOUNTANTS
Rate
of Tax&
onCO.
Import
of Hybrid Cars:
Tax Rate on Imports:
An Exclusive
Correspondent
Engine
Capacity Rate
of ReductionFirm of PKF International
Companies & Industrial
undertakings
5%
Up to 1200 cc
100 %
Others
5.5%
1201 to 1800 cc
50 %
Foreign Produced Films
12%
1801 to 2500 cc
25 %
Particulars
(%age)

Tax Rate

Minimum Tax
1
Advance tax on functions & gatherings including food
10
Advance Tax on sale to wholesaler, distributor or dealers
0.1
Advance Tax on sale to retailers
0.5
Advance tax by the Educational Institution
5
Advance Tax on Imports other than companies & Industrial undertakings
5.5
Advance Tax on Imports for companies & Industrial undertakings
5
Advance Tax on Educational Fee where fee exceeds Rs. 200,000
Withholding Tax (other than companies):
Supply of Goods
4
Services
7
Contracts
6.5
Withholding Tax (companies):
Supply of Goods
3.5
Services
6
Contracts
6
Cash withdrawal
0.3
Withholding Tax on Prize bonds, puzzles
10
Initial Allowance on Plant & Machinery
25
Rebate to full time teachers & Researchers
40

Income Support Levy:

Rate of levy of Net Movable wealth in excess of Rs. 1 M

0.5
Companies & AOPs:
Small Company
AOPs
All kinds of Companies other than Banking Companies
34

25
25

Appeal Fee:
(Rs.)

Amount

CIT Appeals

1,000

Appellate Tribunal

2,000

TAGM & CO. CHARTERED ACCOUNTANTS

An Exclusive Correspondent Firm of PKF International

Penalties:
Offense

Amount of Penalty

Non filing of Income tax Return U/s 114

Payable
Non filing of Statements u/s 115, 165, 165A

Rs. 20,000 or 50% of Tax

Rs.2,500/day of default subject
to minimum penalty of Rs.50,000

Non filing of wealth Statement or wealth Reconciliation

Rs.100/day of default

Non production of records/documents U/s 177

Rs.25,000, First Non

Compliance
Rs.50,000, Second NonCompliance
Rs.100,000 Third NonCompliance

Non providing information U/s 176

Rs.25,000, First Default

Rs. 50,000, Second &
Subsequent Default

Non Displaying NTN on business place

PREPARED BY: FARHAN UL QAYYUM

REVIEWED BY: ALI RAZA
(Manager Tax)

Rs.5,000